Six European cities attract 70% of all continental FinTech investments - report
Six European cities attract 70% of all investments in European private FinTech companies.
As cities around Europe compete to become the region's most active FinTech hub, half a dozen are successfully establishing themselves as the main destinations for FinTech investments, according to research from FinTech Global, a data and research provider.
Some 70% of the total capital raised by all private European FinTech companies in the first quarter of 2017 went to companies based in London, Berlin, Stockholm, Paris, Barcelona and Amsterdam.
More than one-third of the aggregate of $1,164m in FinTech investments was claimed by London-based FinTech companies (36% of the total), which was more than three times as much as companies located in the second-placed city, Berlin (12%).
The major change seen in the distribution of investments by city in Q1, 2017, compared to the previous three years, was that Berlin doubled its share from 6% to 12% at the expense of cities ranked outside the European top 10, which fell from an aggregate of 31% to 25%.
Given the economic benefits of developing a vibrant FinTech ecosystem are very attractive, it's no surprise the rivalry between European cities to attract capital and talent is intense.
The figures show London has proven to be resilient to the Brexit vote of June 2016 and that other European cities made huge strides in raising their levels of activity. Whether London can stay so far ahead of the pack after the recent UK general election remains to be seen as the competition between European cities intensifies further.